Nine Energy Service (NYSE:NINE) Upgraded at Zacks Investment Research

Nine Energy Service (NYSE:NINEGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday, Zacks.com reports.

According to Zacks, “Nine Energy Service, Inc. provides onshore completion and production services to unconventional oil and gas resource development. The Company’s operating segment consists of Completion Solutions and Production Solutions. Completion Solutions segment provides services integral to the completion of unconventional wells. Production Solutions segment provides production enhancement and well work over services. It also offers auxiliary services including casing jacks with hydraulic power source and oil field equipment hauling. The company operates primarily in the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus, Utica and throughout Canada. Nine Energy Service, Inc. is headquartered in Houston, Texas. “

Shares of NYSE:NINE opened at $2.89 on Friday. The company’s fifty day moving average is $2.98 and its 200-day moving average is $1.93. Nine Energy Service has a 52 week low of $0.79 and a 52 week high of $8.10. The company has a market capitalization of $88.36 million, a PE ratio of -1.35 and a beta of 3.51.

Nine Energy Service (NYSE:NINEGet Rating) last released its quarterly earnings results on Thursday, May 5th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.16. During the same period in the prior year, the firm earned ($0.85) earnings per share. On average, equities research analysts predict that Nine Energy Service will post -0.91 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of NINE. Franklin Resources Inc. grew its position in shares of Nine Energy Service by 8.7% in the 3rd quarter. Franklin Resources Inc. now owns 957,258 shares of the company’s stock valued at $1,752,000 after purchasing an additional 76,752 shares during the period. Millennium Management LLC acquired a new position in shares of Nine Energy Service in the 3rd quarter valued at approximately $121,000. Kestra Advisory Services LLC boosted its position in Nine Energy Service by 243.9% during the 4th quarter. Kestra Advisory Services LLC now owns 50,556 shares of the company’s stock worth $51,000 after acquiring an additional 35,856 shares during the last quarter. CastleKnight Management LP acquired a new position in Nine Energy Service during the 4th quarter worth approximately $119,000. Finally, Virtu Financial LLC acquired a new position in Nine Energy Service during the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 60.36% of the company’s stock.

About Nine Energy Service (Get Rating)

Nine Energy Service, Inc operates as an onshore completion services provider that targets unconventional oil and gas resource development across North American basins and internationally. It offers cementing services, which consist of blending high-grade cement and water with various solid and liquid additives to create a cement slurry that is pumped between the casing and the wellbore of the well.

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